1. SBI slashes affordable home loan rates by 25 bps to 8.35 per cent; lowest in market

SBI slashes affordable home loan rates by 25 bps to 8.35 per cent; lowest in market

State Bank of India (SBI) has slashed the loan interest rates for home loan below Rs 30 lakh by 0.25 per cent to 8.35 per cent and loan above Rs 30 lakh by 0.10 per cent.

By: | Updated: May 8, 2017 3:39 PM
State Bank of India (SBI) has slashed the loan interest rates for home loan below Rs 30 lakh by 0.25 per cent to 8.35 per cent and loan above Rs 30 lakh by 0.10 per cent. (Reuters)

Public sector bank State Bank of India (SBI) on Monday said that it has slashed the interest rates for home loan below Rs 30 lakh by 25 basis points to 8.35 per cent and loan above Rs 30 lakh by 0.10 per cent. The bank further added that the home loan customer can also avail an interest subsidy of Rs 2.67 lakh under Pradhan Mantri Awas Yojana Scheme. The move would give a boost to government’s ‘Housing for All’ scheme and may encourage people to invest in affordable housing.

The latest reduction in interest rates from SBI makes it the lowest in the market. The new interest rates will be effective from May 9th, 2017.

To supplement the affordable housing push, SBI has also come out with special offerings for Construction Finance to the builders for affordable housing projects. This will give a dual push both for construction finance and also for home finance for affordable homes.)

Below are the features of the home loan offer

1. For male borrowers, the limited period offer is valid till July 31 and the reduction is 20 bps to 8.40 per cent
2. The new rate reduction of 25 per cent for women will be for the salaried borrowers and for the non-salaried, it will be 20 bps cut
3. For male salaried and non-salried, similar rates will be applicable

Earlier this month, SBI cut its term deposit rates by up to 50 basis points for various maturities. The rates have been revised for medium and long term deposits and for an amount below Rs one crore. According to the new structure, for two to less than three years deposits, SBI will offer a rate of 6.25 per cent as compared to 6.75 per cent earlier, the bank said. For the similar maturity, the deposit rates for senior citizen have been cut to 6.75 per cent from 7.25 per cent.

  1. M
    Mark
    May 11, 2017 at 5:44 am
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    Reply
  2. A
    Apte
    May 8, 2017 at 6:00 pm
    1. A few days ago there was a news report about reduction in rate of interest on fixed deposits that was announced by the State Bank of India. Today the names of beneficiaries of the said rate reduction have been announced. My query is this: how many new home loan borrowers would SBI get by 25 or 10 basis points reduction in lending rate? 2. It seems that plight of senior citizens whose main source of income is interest on bank deposits will be worse in months to come as rate of interest on fixed deposits falls further. 3. Our Prime Minister had announced an investment scheme for senior citizens in November 2016 and announcement was part of his speech after demonetisation decision. Details of the said scheme, which as per PM’s speech would be managed by LIC of India, are yet to be made public. I would request Union Finance Minister to give direction to LIC of India to announce the scheme in time so that senior citizens( non-pensioners) feel a little relieved.
    Reply

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